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Home My WebLink About7.a. Public Hearing for the Proposed Tax Abatement on parcels 34-02600-70-013 and 34-03500-01-011 located at 1367 – 145th Street East EXECUTIVE SUMMARY City Council Meeting: February 21, 2023 AGENDA ITEM: Public Hearing for the Proposed Tax Abatement on parcels 34-02600-70-013 and 34-03500-01-011 located at 1367 – 145th Street East AGENDA SECTION: Public Hearing PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 7.a. ATTACHMENTS: None APPROVED BY: LJM RECOMMENDED ACTION: Motion to continue the public hearing to March 21 at the request of the developer. BACKGROUND As the Council is aware, staff has been working with the Jimnist, LLC development team on a technology campus on approximately 280 acres of land owned by the University of Minnesota in its UMore Park site. The abatement agreement and terms sheet were still in draft form at the time of the January public hearing. The agreement has not been finalized as the applicant is still working on legal review that would impact the timing of the abatement agreement. The project team asked for the public hearing to be continued to March 21st when the agreements are finalized. Development of the site will include the construction of two main buildings along with additional ancillary buildings and support areas which will house office space, servers, and support equipment in a campus setting of one-story buildings. Additional site improvements will consist of parking lots, both temporary and permanent, an electrical substation, and security facilities such as fencing and gatehouses. The Rosemount Planning Commission recommended approval of the PUD Master Development Plan with Rezoning in December. As part of this project, Jimnist, LLC is seeking to enter into a tax abatement agreement for the parcels targeted for development. The property that is the subject of the proposed tax abatement is identified as parcels 34-02600-70-013 and 34-03500-01-011 located at 1367 – 145th Street East. The estimated total amount of the tax abatement over the term of the abatement is $0. The City Council may adopt an abatement resolution and grant the abatement following the public hearing. Rebecca Kurtz, Ehlers Inc., will be in attendance and will be making a presentation regarding the abatement plan for this project on March 21. RECOMMENDATION Motion to continue the public hearing to March 21 at the request of the developer.